Below is an income statement for City Books for the first quarter of the year City Books Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $910,000 645.000 265.000 $109,000 110,000 218 000 $ 52 000 On average, a book sells for $65. Variable selling expenses are $6 per book with the remaining selling expenses being fixed. The variable administrative expenses are 5% of sales with the remainder being fixed. If a contribution format income statement were produced, what would be the net operating income for the first quarter? Multiple Choice